RBI assures public enough cash

RBI assures public enough cash

The Reserve Bank appealed Indian public to be patient and urges them to exchange their old notes at their convenience, any time before December 30, 2016.

Hope for relief turned into anxiety and frustration as demand for new notes outstripped the supply and machines went dry. Long queues of people outside various banks’ ATMs waiting since morning were reported.

The Central Bank’s communication added that it may take a while for the banks to recalibrate their ATMs, once the ATMs are functional, members of public will be able to withdraw from ATMs upto a maximum of ₹ 2,000 per card per day up to November 18, 2016; and after that withdraw up to Rs 4000 per day per card.

Many banks have not been able to complete recalibrate their machines for higher denomination notes. Banks have also been asked to provide all cash withdrawal transactions at their ATMs free of cost till 30 December.